Employees may not have been very happy with 2016 as far as pay hikes are concerned, but 2017 is likely to be worse. The new year is expected to see a lower salary hike with as low an average increase in salary of 10 per cent in 2017 – lower than the 10.3 per cent rise this year, and after taking inflation into account, the hike would be a paltry 4.8 per cent, says a report. And to make things worse, this may well lead to a general cuttinging down of hiring as well.
India salary growth is pegged at 10 per cent, while real wages are expected to rise by 4.8 per cent as salary forecasted by Korn Ferry Hay Group 2017. “Salary hikes in India, although still higher than many other countries across the globe, have stabilized and we expect them to be in the 9.5-10.5 per cent range in the next couple of years,” Amer Haleem, Country Manager, Productized Services, Korn Ferry Hay Group said.
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As reported by Hindustan Times, the survey done by a job portal, Monster.com also suggests, that manufacturing and Information Technology (IT), the two key mass recruiting sectors, continue to show bearish growth owing to depressed private investment climate and global economic and political occurrences. Data reflects since October, a steep decline by 18% and 1% by the Manufacturing and IT industry, respectively. The story is not restricted just to India and is reflected in events across the globe.
So, what does an employee do in this scenario? Surely, it is a no-brainer! S/he looks for greener pastures elsewhere to ensure a suitable, inflation beating and more, salary hike. Time to dust out those old CVs, folks.
